Vestis Group Brokers Sale Of MODE @ 38th Street In Phoenix For $2.5M

VESTIS GROUP BROKERS SALE OF MODE @ 38TH STREET IN PHOENIX FOR $2.5M

By Natan Jacobs | Vestis Group

(Phoenix – February 28, 2017) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 38th Street Apartments, a 15-unit apartment complex located at 3122 North 38th Street, in the Arcadia-area of East Phoenix for $2,500,000 or $166,667 per unit.

“MODE Arcadia @ 38th Street is located near several Arcadia neighborhood restaurants, coffee shops, bars, health clubs and is a short drive to the Biltmore and Camelback Corridor,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “Once the remodel was complete, the lease-up was done in a matter of weeks. This project, as a turnkey multifamily community, will continue to add value for the new ownership moving forward.”

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, MODE Apartments+Homes from Phoenix, Arizona. The buyer, a private investor from Santa Rosa, California, was represented by Victoria Miachika of Arizona Investment & Management, LLC in Scottsdale, Arizona.